Tinubu Approves Long-Delayed CVFF Disbursement for Nigerian Shipowners
President Bola Tinubu has approved the disbursement of the Cabotage Vessel Financing Fund, ending more than two decades of delays in access to the scheme. Marine and Blue Economy Minister Adegboyega Oyetola has directed NIMASA and 12 Primary Lending Institutions to speed up loan appraisals. NIMASA has received 92 applications so far, with 20 sent to lenders and one forwarded for final approval. The fund offers low-interest, long-term financing for vessel acquisition. The government says it will help indigenous shipowners win coastal and offshore contracts, reduce reliance on foreign vessels and retain more value in Nigeria. Oyetola said the initiative could create over 30,000 direct and indirect jobs across shipyards, marine engineering and maritime logistics. He also cited ongoing seafarer training and onboard placement programmes.
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